Vietnam, South Africa have potential for multifaceted cooperation

09:26 | 30/01/2018 Cooperation

Vietnam and South Africa hold huge potential for boosting cooperation in many fields, including bringing bilateral trade turnover to US$2 billion a year, said an official of the Vietnam Chamber of Commerce and Industry (VCCI).

Illustrative image - Source: VNA

Speaking at a seminar promoting South Africa’s trade, investment and tourism held in HCM City on January 19, Deputy General Director of VCCI’s Ho Chi Minh City branch Nguyen The Hung said the most promising field for bilateral partnership is mining and mining technology.

He added that Vietnam also wishes to work with the African country in thermal electricity, automobile manufacturing and assembling and food processing, among others.

Currently, Vietnam’s major exports to South Africa include mobile phones and components, computers, electronic devices, footwear, rice, pepper corns, cashew nuts, coffee and wood furniture. Meanwhile, the country imports plastic, garment-textile materials and leather, chemical products, metals, iron and steel.

Trade Counsellor at the South African Embassy in Vietnam Mat Matiwane said his country has been working to create optimal conditions for businesses of the two countries to seek investment opportunities. He also voiced his hope that Vietnamese firms will enhance investment and trade activities in seafood, shipbuilding and especially tourism.

The major economic sector of South Africa is mining and exporting minerals, according to Matiwane. Besides, the country is striving to develop trade, services and information technology, which could serve as foundation for cooperation of the two countries’ enterprises.

Vietnam – South Africa trade turnover increased five times during the recent 10 years, from US$192 million in 2007 to US$1.03 billion in 2016.

Theo VNA